Proof Morgans

Who here has experience with them? Today a "proof 1900P Morgan sold for $5,100 at auction. That takes some cahones to buy a coin online ungraded for that sum of money. Here is the link for anyone interested. Also, it looks like it has a wheelmark. Or is it?

https://www.ebay.com/itm/188681936452

 

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I wonder if it was made in China.

 

I am trying to figure out why someone paid $5100 for a details at best coin that might be one-sided Cameo. The buyer must have thought it was a deep cameo.

 

Look at the bidding. It was more than a couple of people. Human psychology is very interesting. Reminds me of sharks when there is blood in the water.

 

I saw that coin and said no way but to my surprise it sold, not me, it would have to be GOLD before I would even consider it...

 

Usually a circular mark (like the one on the obverse) seems to blamed on a coin wrapping machine. But what would a proof be doing wrapped up in a roll?

 

Sure does look like a wheel mark doesn't it though?

 

A wheel mark is a concentrated patch of hairlines.

 

Thanks. That answers a question that was not adequately explained to me ANYWHERE I've searched, and you did it in one sentence. So this isn't a wheel mark. There is circular mark on this coin that seems to encircle the entire obverse near the outer edge of the coin. Not sure I've seen that before.

 

As I understand it, certain coin counting machines have rubber wheels to move the coins along. If one of those wheels does a "burnout" on the coin it makes a wheel mark.

I agree with @RonSanderson, it looks like coin roll crimper damage, but who puts proof Morgan Dollars in rolls and what are the chances it was on the end?

 

I think it from a coin roll crimper as well. "The Circle of Death" as I call it.

 

It looks like it may have been cracked out of a details slab, as do many of the listings.

 

I would never buy a raw Proof coin on-line unless it was a recent issue in a government package Proof set.

When I was building my 1936 to 1942 Proof set collection, I learned that you have to buy these coins in person. You can’t do it with photographs on-line.

As for the coin in question, it obviously has issues, even if it’s genuine. I paid less than that about 10 years ago for an 1883 piece which was in an NGC PR-64 holder.

 

Here's the one I have. I think that it's a cameo, but the graders didn't call it that. I bought when the market was falling. I'm still underwater according to The GreySheet, but I paid a lot less than the guy in OP paid for his.



I have never looked at a 1900 Proof Morgan, but the I didn't like the 1903 Proofs that I have seen. They are shiney like the coin OP with no contrast, and I think most all of them are that way.